Proof of Work - BitByte

Proof of Work vs Proof of Stake

Digital currencies have revolutionized the financial landscape, bringing to the front two important consensus mechanisms - Proof of Work (PoW) and Proof of Stake (PoS). Bitcoin, the first and most respected digital currency, uses the PoW model. Many newer cryptocurrencies have moved towards PoS, but despite the perceived benefits of...

BitcoinBitcoin Lightning Blockchain

What The Heck Are HTLCs?

In the evolving landscape of Bitcoin, new technologies are continuously surfacing that increase its usability and safety. One innovation that stands out is the Hash Time-Locked Contract (HTLC), a unique kind of smart contract that plays an super dooper important role in the security of transactions and the expansion of...

BitcoinBlockchain Fiat

From Seashells to Bitcoin: The Evolution of Money

Money, a medium of exchange that has facilitated trade and spurred economic development, has undergone multiple transformations throughout human history. From rudimentary forms of money like seashells to the technologically advanced and superior Bitcoin. The evolution of money throughout history is an intriguing story of human progress, societal needs, and...

Bitcoin LightningBlockchain Cryptography

An Introduction to the Lightning Network's Sphinx Protocol: Privacy, Security, and Speed

The Lightning Network has quickly become one of the most critical developments in the world of digital currencies. As a second-layer solution to the Bitcoin blockchain, it addresses many of the scalability issues that have plagued Base-layer Bitcoin. One of the key innovations of the Lightning Network is the Sphinx...

TLDRBlockchain Cryptography

TLDR: Summarizing Adam Back's Hashcash Whitepaper

In 1997, Adam Back proposed an innovative solution to email spam and denial-of-service (DoS) attacks in his whitepaper titled "Hashcash - A Denial of Service Counter-Measure." Hashcash introduced a proof-of-work (PoW) algorithm that later inspired the PoW system used in Bitcoin. Today's BitByte article summarizes the key ideas and contributions...

BitcoinBlockchain Mining

Bitcoin Mining: How It Works & Why It Matters

In today's digital age, Bitcoin stands out as the pioneer and most well-known digital currency. One of the most important aspects of Bitcoin is the process of mining, which is integral to its security and functionality. Today's BitByte article will delve into the intricacies of Bitcoin mining, explaining how it...

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